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AICPA Group Seeks Academic Research on Audit Work of Private Companies

The American Institute of Certified Public Accountants’ (“AICPA”) Assurance Research Advisory Group (“ARAG”) is seeking proposals for academic research on the auditing process. Announced by the ARAG on June 1, the research will be used to help the AICPA’s standard-setting efforts for private businesses and the Enhancing Audit Quality initiative. Proposals are due Tuesday, October 6. Grants funding academic research efforts will be announced before February 28, 2018.

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Final Standard for Securities Offerings Documents Approved

Last month, the American Institute of Certified Public Accountants’ Auditing Standards Board unanimously approved a final standard concerning an auditor’s responsibility regarding securities offerings documents not registered with the Securities and Exchange Commission (“SEC”). The final standard will likely be issued as Statement on Auditing Standards No. 133: Auditor Involvement With Exempt Offering Documents. It would impact securities that are not required to follow the SEC’s registration requirements and rules under the Securities Act of 1933. In addition, the standard will affect franchise offerings controlled by the Federal Trade Commission or appropriate state franchise laws. The standard could become effective. Read More.

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Comment Period for AICPA Ethics Board Proposal Ends Friday

Tomorrow is the last day to comment on an Exposure Draft by the American Institute of Certified Public Accountants’ (“AICPA”) Professional Ethics Executive Committee. The Exposure Draft, Proposed Interpretations — Responding to Non-Compliance with Laws and Regulations, introduces new interpretations of the AICPA Code of Processional Conduct. The proposed new interpretations are entitled “Responding to Non-Compliance with Laws and Regulations” (ET sec. 1.170.010 and 2.170.010) under the “Integrity and Objectivity Rule” (ET sec. 1.100.001 and 2.100.001), and will impact members in public practice and business. The new interpretations offer guidance on a member’s responsibilities when handling non-compliance with regulations at. Read More.

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AICPA Releases Cybersecurity Reporting Framework Criteria

In support of its proposed cybersecurity reporting framework, the American Institute of Certified Public Accountants (“AICPA”) has issued the following criteria: Description criteria for management’s description of an entity’s cybersecurity risk management program. 2017 trust services criteria for security, availability, processing integrity, confidentiality, and privacy. This month, the AICPA plans to publish a cybersecurity attestation guide to help CPAs report on cybersecurity examination engagements compliant with the AICPA attestation standards. Once the guide is published, the Center for Audit Quality will issue The CPA’s Role in Addressing Cybersecurity Risk: How the Auditing Profession Promotes Cybersecurity Resilience. The publication will offer. Read More.

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Forthcoming Accounting Guidance Updates to Impact Nonprofits

Some of the Financial Accounting Standards Board’s Accounting Standards Updates will certainly have an effect on nonprofit organizations. As the standards’ effective dates draw near, the American Institute of Certified Public Accountants (“AICPA”) has highlighted five standards nonprofits should become familiar with: Going concern requirements Consolidation requirements Simplifying the presentation of debt issuance costs Fair value disclosures when net asset value per share is used Inventory measurement More on these standards is available on AICPA.org. In addition, Cherry Bekaert’s Melisa Galasso will host an AICPA webinar on April 25 to offer nonprofits guidance on these Accounting Standards Updates.

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AICPA Task Forces Issue Revenue Recognition Exposure Drafts

In response to Financial Accounting Standards Board Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, the American Institute of Certified Public Accountants’ (“AICPA”) Revenue Recognition Task Forces have issued ten exposure drafts for public comment. The exposure drafts impact four industries and include the following: Airlines 2-3 –  Passenger Tickets – Breakage and Accounting for Travel Vouchers 2-4 –  Ancillary Fees and Services 2-5 –  Interline Transactions 2-6a & d –  Brand Name and Customer List 2-6i –  Interline Loyalty Transactions 2-11 –  Change Fees Gaming 6-8a –  Loyally and Other Incentive Programs without Tier Status Hospitality 7-1 –  Franchise Fees 7-2 –  Hotel Management Service Arrangements 7-3 –  Owned and Leased Property Revenues Timeshare 16-2 –  Collectibility Comments on the exposure drafts are due Thursday, June 1.

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